In short
If you already have an old savings contract for your old age, you can simply keep it. From 2027 you may switch to the new rules – but then there is no way back.
Last checked: 11 October 2026 · 5 min read · RenteKannMehr editorial team
Now in more detail
If you already have a Riester pension contract, you do not have to do anything straight away because of the reform. Existing contracts continue; there is no automatic cancellation or conversion.
This is the current position
- Protection of existing contracts (Bestandsschutz): You can keep saving into your contract under the previous rules.
- No new old-style contracts: From 2027, no more contracts can be taken out under the old Riester model.
- Right to choose: From 1 January 2027, you can switch to the new subsidy system.
- Subsidies already received stay: Allowances you have received so far do not have to be paid back if you switch to the new system.
All or none
According to the Central Allowance Office (Zentrale Zulagenstelle, ZfA), the decision applies to all your Riester contracts together: either all of them move to the new subsidy system, or all of them stay under the old law. If you transfer one of several contracts into the new system, the others follow.
The switch is final
Switching back to the old subsidy is not possible. Taking out a new contract can also mean that existing contracts fall under the new law. Check this before you sign.
Old or new – which is better value?
| Question | Tends to favour staying | Tends to favour switching |
|---|---|---|
| Contribution guarantee | The 100% guarantee of the old contract matters to you | You want more opportunity for returns and accept fluctuations |
| Amount of the allowance | With a small contribution of your own you receive the flat-rate allowance of €175 | You pay in enough to reach more than €175 in basic allowance (Grundzulage) |
| Costs | Your contract is cheap and the acquisition costs have already been paid | Your contract has high ongoing costs |
| Contract details | You have a high guaranteed interest rate or favourable annuity conversion factors (Rentenfaktoren) | The contract offers no particular advantages |
Which side weighs more depends on your contract. It is best to have an adviser look at your contract together with you.
Think about your spouse too
If the directly eligible person (unmittelbar berechtigt) switches to the new system, the legal position of the indirectly eligible spouse (mittelbar berechtigt) changes automatically with it. The other way round, the indirectly eligible partner cannot switch alone – the decision lies with the directly eligible person.
Where you can get reliable information
- From your provider: current contract values, costs and switching conditions.
- From the German Pension Insurance (Deutsche Rentenversicherung): free advisory talks on retirement provision that are independent of providers.
- From the consumer advice centres (Verbraucherzentralen): an independent contract review for a fee.